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Euro Support at 13100 and 13060

Euro Support at 13100 and 13060

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Support at 13100 and 13060

Prepared by Jamie Saettele, CMT

The EURUSD has whipsawed traders in February, trading sideways, breaking higher, breaking lower, and reversing today. The impulsive move higher today is the best evidence yet for an extension of the rally that began at the January low. Fibonacci objectives are near 13600 and intersect with channels in early March. Until further notice, I’ll favor a higher EURUSD through February (and an early March reversal). Near term support is 13100 and 13060.

Bottom Line: Long on weakness below 13100, stop 12970, target 13600

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